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To: RetiredNow who wrote (64136)	5/30/2003 10:30:51 PM
From: Lizzie Tudor	Read Replies (2) \| Respond to of 77400

the problem is that google goes from being an immensely profitable to a money losing company. And the "expenses" on the books are going to be HUGE. If options expensing comes into being without black-scholes or some sort of estimate... thats one thing. But with a black-scholes risk premium for the hottest startup company at IPO, and the inevitable large number of options, its a lot of expense that we're talking about. See, the thing is, what I am hearing, is basically that these expenses don't matter, or they are somehow less relevant than other expenses. No WS firm would take a company public today that was as unprofitable in terms of non-options expenses as Google will surely be with black scholes estimates. Would you buy stock in a company that was unprofitable and had billions in expenses for one quarter while claiming significantly less that that in revenue? I doubt it. But these are OPTIONS "expenses" in other words they don't count, so IPO away. I don't think that is as easy of a pill to swallow as you guys think. I think its a showstopper, I really do.